Home Gold News Gold Prices Were Up on Monday Morning -, Reaching a Record High.

Gold Prices Were Up on Monday Morning -, Reaching a Record High.

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Gold prices made a fresh peak early Monday at $1,980an ounce and seemed on track to take out $2,000 soon.The Gold prices posted their best month in more than four years, as a weaker dollar and worries over the global economic fallout from the mounting COVID-19cases drove investors towards the safe-haven metal.

Investors were nervous at the lack of a new stimulus package in the United States with White House Chief of Staff Mark Meadows not optimistic on reaching agreement soon on a deal.On Friday, Fitch Ratings cut the outlook on the United States’ triple-A rating to negative from stable, citing eroding credit strength and a ballooning deficit. The credit rating agency also said the future direction of U.S. fiscal policy depends in part on the November electionand the resulting makeup of Congress, cautioning there is a risk policy gridlock could continue.In India, gold exchange traded funds or gold ETFs saw hefty net inflows of over ₹3,500 crore in the first six months of this year as investors continued to hedge their exposure to riskier assets amid the COVID-19 crisis.

TREND : BULLISH

Time                                      :           03/08/2020

Pivot                                      :           1976.81

Technical View                     :             LONG ABOVE 1980.67

Target                                   :            1984.53, 1987.48, 1995.08, 2002.53

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